Resultados provisionales
26 de marzo de 2024
Catalyst Media Group Plc
("CMG", "Catalyst" o la "Compañía")
Interim Results for the Six Months Ended 31 December 2023
The Board of CMG (AIM: CMX) is pleased to announce the Company's unaudited interim results for the six months ended 31 December 2023.
CMG is a 20.54% shareholder in Sports Information Services (Holdings) Limited ("SIS") and the results include its share in the profits/(losses) of SIS as an equity accounted associate.
Financial Highlights for the six months to 31 December 2023
· CMG profit after taxation of £0.77 million (2022: £0.30 million)
· Earnings per share of 3.64p (2022: 1.45p)
· Following payment of a 27p dividend in November 2023, net asset value per share of 151.6p (2022: 170.4p) at the end of the reporting period
· For the six months to 30 September 2023, SIS achieved
- Ingresos de £133.5 millones de libras (2022: £125.7 millones de libras)
- Operating profit of £4.6 million (2022: £1.9 million)
- Profit after tax on ordinary activities of £4.0 million (2022: profit of £1.8 million)
· On 31 October 2023, the Company received its £6.16 million share of an ordinary and special dividend paid by SIS and on 21 November 2023 paid an interim dividend of approximately £5.68 million, equating to 27 pence per CMG ordinary share.
SIS's Current Trading and Outlook
SIS's trading remains robust and its management continues to pursue and win new business opportunities both in terms of content acquisition, most recently securing new rights for Korean horseracing, and new customer distribution deals recently announced with Genius Sports Limited and EveryMatrix for Competitive Gaming.
In February 2024, SIS launched fixed odds horseracing in Colorado USA with bet365 following approval by state authorities. The launch followed the previous launch of Competitive Gaming in three states including Colorado in calendar year 2023.
SIS has advised that on 12 March 2024 the board of Racelab Pty Limited, a company based in Australia in which SIS has a 50% stake, appointed a Voluntary Administrator following its failure to secure further funding. At this stage, SIS management are unclear of the likely outcome however it is unlikely to impact SIS's trading results although will result in a write-down of the investment in its financial year to 31 March 2024.
Prior to any investment write-down, SIS has advised CMG that it expects to close its financial year to 31 March 2024 with increased revenue and profit before tax year-on-year, but noted the likely impact on next year's profitability of the closure of a particular customer.
Consultas:
Catalyst Media Group Plc
Michael Rosenberg, Non-executive Chairman Mob: 07785 727 595
Melvin Lawson, Non-executive Director Tel: 020 7734 8111
Strand Hanson Limited Tel: 020 7409 3494
James Harris/Matthew Chandler
La Compañía considera que la información contenida en este anuncio constituye información privilegiada según lo estipulado en el Reglamento de Abuso de Mercado (UE) No. 596/2014, ya que forma parte de la legislación nacional del Reino Unido en virtud de la Ley de (Retirada) de la Unión Europea de 2018 , modificado en virtud del Reglamento de Abuso de Mercado (Enmienda) (Salida de la UE) de 2019.
Declaración del presidente
For the six-month period ended 31 December 2023, the Company achieved a net profit after taxation of £0.77 million (2022: £0.30 million).
Net assets as at 31 December 2023 were £31.9 million (30 June 2023: £36.8 million). Net cash as at 31 December 2023 was approximately £0.6 million (30 June 2023: £0.2 million).
CMG's main asset remains its 20.54% stake in SIS and, in October 2023, the Company received its £6.16 million share of an ordinary and special dividend from SIS. The value of CMG's investment in SIS has reduced from approximately £36.6 million as at 30 June 2023 to approximately £31.3 million as at 31 December 2023, reflecting the impact of such dividend receipt offset by CMG's share of the profits achieved by SIS in the six months to 30 September 2023. As a result, CMG's net assets per share as at 31 December 2023 were 151.6p (2022: 170.4p). The carrying value of our investment in SIS will be reviewed again at our financial year end.
CMG equity accounts for its share in the profit of SIS which was £4.0 million after tax for its six-month period to 30 September 2023 (2022: £1.8 million). SIS's revenues for such period were £133.5 million (2022: £125.7 million) which were derived from its business of providing integrated television and data services to Licensed Betting Offices in the UK, Ireland and overseas. SIS generated an operating profit for this period of £4.6 million, compared to an operating profit of £1.9 million in the comparable period for 2022.
CMG currently has cash reserves of approximately £0.5 million which is sufficient for its present requirements.
Set out below is an overview of the activities of SIS's key divisions for the period under review.
SIS - Venta al por menor en el Reino Unido e Irlanda
SIS sigue prestando su servicio principal, incluidas las carreras de caballos de Racecourse Media Group, SIS British Greyhound Service, Irish Horseracing, Chelmsford City Horseracing, 49's e International Horseracing a casi todo el mercado minorista del Reino Unido e Irlanda, incluidos los principales grupos de apuestas del Reino Unido y la mayoría del mercado independiente.
SIS supplies its retail services, production, distribution and content, to the major retail brands on recently-renewed long term agreements.
En junio de 2023, SIS reforzó su posición a largo plazo al asegurar una renovación por cinco años de los derechos mundiales de cuotas fijas de Horse Racing Ireland y la Association of Irish Racecourses.
SIS - Internacional y en línea
SIS ha seguido ampliando su alcance internacional tanto en términos de clientes como de acuerdos de derechos. Se han obtenido nuevos derechos de carreras de caballos de Sudáfrica, Australia, Italia, Corea y Polonia y se han renovado varios acuerdos de contenido internacional existentes.
SIS has over 150 live feeds to customers designed to maximise betting opportunities for international retail and online operators and has signed numerous international and online operators to multi-year agreements. SIS continues to progress its strategy to increase distribution, in both new and existing international and online markets, using proprietary production technology as well as ultra-low latency streaming and data pricing services.
SIS has seen its new US subsidiary, SIS Content Services Inc., secure licences to supply elements of its content in five states and has a number of other state applications in progress and went live with Fixed Odds horseracing in February 2024.
SIS: contenido no relacionado con las carreras
The SIS Competitive Gaming (e-sports) service, has seen customer growth in the year and is now focussing on two sports related titles, e-football, and e-basketball, following feedback from customers. It provides around 100,000 unique events per annum with plans underway to increase this number further. The events are supplied to customers in a number of territories worldwide including three US states where SIS is currently licenced. In February 2024, SIS signed distribution deals with Genius Sports Limited and EveryMatrix which will provide worldwide distribution of the Competitive Gaming events.
49's Ltd, the branded numbers business, has served to expand SIS's product offering following its acquisition in 2020 with SIS's product range now including the original 49's draw, Fast 15's and 39's, plus upgraded virtual horseracing. In SIS's financial year to 31 March 2023, it also launched a bespoke draw product, Lotto365, for bet365. Accordingly, the business now produces over 500,000 draws per annum.
India
An arbitration award was made in July 2020 which the respondent has paid into court. These funds are now subject to appeals in the Delhi High Court by both parties: SIS continues to pursue claims disallowed by the arbitrators whilst the respondent attempts to nullify the award in its entirety. The overall outcome therefore remains uncertain.
Los costos legales y asociados relacionados con este reclamo se han reducido significativamente, pero aún tienen un impacto en las ganancias de SIS.
SIS's Current Trading and Outlook
SIS's trading remains robust and its management continues to pursue and win new business opportunities both in terms of content acquisition, most recently securing new rights for Korean horseracing, and new customer distribution deals recently announced with Genius Sports Limited and EveryMatrix for Competitive Gaming.
In February 2024, SIS launched fixed odds horseracing in Colorado USA with bet365 following approval by state authorities, the launch followed the launches in calendar year 2023 of Competitive Gaming in three states including Colorado.
SIS has advised that on 12 March 2024 the board of Racelab Pty Limited, a company based in Australia in which SIS has a 50% stake, appointed a Voluntary Administrator following its failure to secure further funding. At this stage, SIS is unclear of the likely outcome however it is unlikely to impact SIS's trading results although will result in a write-down of the investment in its financial year to 31 March 2024.
Prior to any investment write-down, SIS has advised CMG that it expects to close its financial year to 31 March 2024 with increased revenue and profit before tax year-on-year.
SIS's cash position as of 11 March 2024 was approximately £13.1 million.
In March 2024, SIS also noted that a particular customer, had announced that it intends to cease trading on 31 March 2024. SIS is continuing discussions with such customer but it is likely to impact profitability in SIS's next financial year.
Following its total dividend distribution in October 2023, SIS secured an initial £35 million banking facility to provide funds for working capital and to finance growth, including acquisition financing, and the SIS Board continues to support the company's long term business strategy. Such banking facility can potentially be increased to £50 million.
CMG Outlook
The Board of CMG notes the positive report from SIS that its revenues and profits are expected to show increased growth for its financial year ending 31 March 2024 compared to the previous year, subject to any one-off investment write-downs, but also notes the likely impact on next year's profitability of the closure of a customer. Meanwhile, overheads for CMG continue to remain at a very low level as in previous years.
Michael Rosenberg OBE
Presidente
25 de marzo de 2024
Estado intermedio consolidado de resultados integrales
Notas | 6 meses hasta el 31 de diciembre de 2023
£ Sin auditar | 6 meses hasta el 31 de diciembre de 2022
£ Sin auditar | 12 meses hasta el 30 de junio de 2023
£ auditado | |
| ||||
Ingresos |
| 12,500 | 12,500 | 25,000 |
| ||||
El costo de ventas |
| - | - | - |
Beneficio bruto |
| 12,500 | 12,500 | 25,000 |
| ||||
Gastos administrativos |
| (96,739) | (77,355) | (179,447) |
Pérdida operativa |
| (84,239) | (64,855) | (154,477) |
| ||||
Ingresos financieros |
| 6,134 | 874 | 2,243 |
Ingresos financieros netos |
| 6,134 | 874 | 2,243 |
| ||||
Share of profit of equity-accounted associate
| 3 | 829,405
| 368,077
| 880,174
|
Reversión del deterioro del valor de la asociada puesta en equivalencia |
| - | - | 1,856,276 |
| ||||
Beneficio antes de impuestos |
| 751,300 | 304,096 | 2,584,246 |
| ||||
Taxation |
| 15,300 | - | 30,300 |
| ||||
Beneficio del período |
| 766,600 | 304,096 | 2,614,546 |
| ||||
Participación en otra utilidad integral de asociada
|
| - | - | (651,323) |
Resultado integral total del período |
| 766,600 | 304,096 | 1,963,223 |
| ||||
Atribuible a los accionistas de la Sociedad |
| 766,600 | 304,096 | 1,963,223 |
| ||||
Ganancias por acción: | 4 | |||
Basic |
| 3.64p | 1.45p | 12.43p |
Diluido |
| 3.64p | 1.45p | 12.43p |
Estado de situación financiera intermedio consolidado
Notas | 31 diciembre 2023
£ Sin auditar | 31 diciembre 2022
£ Sin auditar | 30 junio 2023
£ auditado | |
Activos |
| |||
Activos no corrientes |
| |||
Inversión en asociado | 3 | 31,279,687 | 34,894,534 | 36,611,584 |
| 31,279,687 | 34,894,534 | 36,611,584 | |
| ||||
Activos circulantes |
| |||
Cuentas comerciales y otras cuentas por cobrar |
| 100,834 | 49,555 | 78,668 |
Efectivo y equivalentes de efectivo |
| 608,166 | 936,582 | 174,364 |
| 709,000 | 986,137 | 253,032 | |
| ||||
los activos totales |
| 31,988,687 | 35,880,671 | 36,864,616 |
| ||||
Patrimonio y pasivos |
| |||
| ||||
Capital y reservas atribuibles a los accionistas de la controladora |
| |||
Capital social |
| 2,103,202 | 2,103,202 | 2,103,202 |
Reserva de amortización de capital |
| 711,117 | 711,117 | 711,117 |
Reserva de fusión |
| 2,402,674 | 2,402,674 | 2,402,674 |
Ganancias retenidas |
| 26,667,161 | 30,614,210 | 31,579,260 |
| 31,884,154 | 35,831,203 | 36,796,253 | |
| ||||
Pasivo circulante |
| |||
Comerciales y otras cuentas a pagar |
| 104,533 | 49,468 | 68,363 |
| 104,533 | 49,468 | 68,363 | |
| ||||
Total patrimonio y pasivos |
| 31,988,687 | 35,880,671 | 36,864,616 |
Estado de flujo de efectivo intermedio consolidado
6 meses al 31 de diciembre de 2023
£ Sin auditar | 6 meses al 31 de diciembre de 2022
£ Sin auditar | 12 meses al 30 Junio 2023
£ auditado | ||
|
| |||
El flujo de efectivo de las actividades de operaciones | ||||
Beneficio antes de impuestos | 751,300 | 304,096 | 2,584,246 | |
Ajustes para: | ||||
Participación (ganancia) de la asociada | (829,405) | (368,077) | (880,174) | |
Reversal of impairment in associate | - | - | (1,856,276) | |
Ingresos financieros | (6,134) | (874) | (2,243) | |
Impuestos de sociedades recuperados | - | 17,904 | 17,904 | |
Salida neta de efectivo de actividades operativas antes de cambios en el capital de trabajo | (84,239) | (46,951) | (136,543) | |
(Aumento) / Disminución de cuentas por cobrar comerciales y otras | (6,867) | (10,506) | (9,318) | |
Aumento / (Disminución) en cuentas comerciales y otras cuentas por pagar | 36,171 | (3,389) | 15,505 | |
Salida de efectivo neta utilizada en actividades operativas | (54,935) | (60,846) | (130,356) | |
Actividades de inversión | ||||
Dividendo recibido | 6,161,302 | 903,543 | 903,543 | |
Interés recibido | 6,134 | 874 | 2,243 | |
Entrada neta de efectivo por actividades de inversión | 6,167,436 | 904,417 | 905,786 | |
Actividades de financiación | ||||
Dividendos pagados | (5,678,699) | - | (694,077) | |
Salida neta de efectivo utilizada en actividades de financiación | (5,678,699) | - | (694,077) | |
Movimiento neto de efectivo y equivalentes de efectivo en el período | 433,802 | 843,571 | 81,353 | |
Efectivo y equivalentes de efectivo al comienzo del período | 174,364 | 93,011 | 93,011 | |
Efectivo y equivalentes de efectivo al final del período | 608,166 | 936,582 | 174,364 |
Estado de cambios en el patrimonio intermedio consolidado
Compartir capital
£ Sin auditar | Reserva de amortización de capital £ Sin auditar | Fusión reserva
£ Sin auditar | retenido superávit/ (déficit) £ Sin auditar | Equidad total de los accionistas £ Sin auditar | |
Al 1 de julio de 2022 | 2,103,202 | 711,117 | 2,402,674 | 30,310,114 | 35,527,107 |
Profit for the 6 month period to 31 December 2022 | - | - | - | 304,096 | 304,096 |
Beneficio integral total del período | - | - | - | 304,096 | 304,096 |
Dividend paid to the Company's shareholders | - | - | - | - | - |
Al 31 de diciembre de 2022 | 2,103,202 | 711,117 | 2,402,674 | 30,614,210 | 35,831,203 |
Profit for the 6 month period to 30 June 2023 | - | - | - | 2,310,450 | 2,310,450 |
Participación en otra utilidad integral de asociada | - | - | - | (651,323) | (651,323) |
Beneficio integral total del período | - | - | - | 1,659,127 | 1,659,127 |
Dividend paid to the Company's shareholders | - | - | - | (694,077) | (694,077) |
Al 30 de junio de 2023 | 2,103,202 | 711,117 | 2,402,674 | 31,579,260 | 36,796,253 |
Compartir capital
£ Sin auditar | Reserva de amortización de capital £ Sin auditar | Fusión reserva
£ Sin auditar | retenido superávit/ (déficit) £ Sin auditar | Total accionistas equidad £ Sin auditar | |
|
|
|
|
| |
Al 1 de julio de 2023 | 2,103,202 | 711,117 | 2,402,674 | 31,579,260 | 36,796,253 |
Profit for the 6 month period to 31 December 2023 | - | - | - | 766,600 | 766,600 |
Beneficio integral total del período | - | - | - | 766,600 | 766,600 |
Dividend paid to the Company's shareholders | - | - | - | (5,678,699) | (5,678,699) |
Al 31 de diciembre de 2023 | 2,103,202 | 711,117 | 2,402,674 | 26,667,161 | 31,884,154 |
Notas a los estados financieros intermedios
1. Corporate information
CMG is a company incorporated in England and Wales and is quoted on the AIM market operated by London Stock Exchange plc.
2. Base de preparación
These unaudited consolidated interim financial statements cover the six month period from 1 July 2023 to 31 December 2023 including the financial results of Sports Information Services (Holdings) Limited ("SIS") for its six month period to 30 September 2023.
These consolidated interim financial statements of the Company and its subsidiaries (the "Group") for the six months ended 31 December 2023 have been prepared in accordance with accepted International Financial Reporting Standards (IFRSs), International Accounting Standards (IAS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations (collectively "IFRSs") as adopted for use in the United Kingdom and as issued by the International Accounting Standards Board and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
The accounting policies adopted for the preparation of these unaudited interim financial statements are consistent with the accounting policies adopted in the Group's financial statements for the year ended 30 June 2023 and will remain so for the year ending 30 June 2024.
The financial information set out above does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. Statutory accounts for the year ended 30 June 2023, on which the report of the auditors was unqualified and did not contain a statement under section 498 of the Companies Act 2006, have been filed with the Registrar of Companies.
New financial reporting requirements
The Group, including SIS, has applied the following new financial reporting standards for the first time in preparing its financial statements for the six month period ended 31 December 2023. All were effective as of 1 January 2023:
§ Información a revelar sobre políticas contables (Enmiendas a la NIC 1 Presentación de estados financieros y la Declaración de prácticas NIIF 2 Realización de juicios de importancia relativa)
§ Definición de estimaciones contables (modificaciones a la NIC 8 Políticas contables, cambios en las estimaciones contables y errores)
§ Impuesto diferido relacionado con activos y pasivos que surgen de una sola transacción (modificaciones a la NIC 12 Impuesto a las ganancias)
Normas, interpretaciones y enmiendas a las normas publicadas aún no efectivas
At the date of authorisation of these consolidated interim financial statements, the IASB and IFRIC have issued the following standards and interpretations which are effective for annual accounting periods beginning on or after the stated effective date. These standards are not effective for, and have not been applied in, the preparation of these consolidated interim financial statements:
§ General Requirements for Disclosure of Sustainability-related Financial Information and Climate-related Disclosures (Amendments to IFRS S1 and S2) (effective as of 1 January 2024)
§ Non-current Liabilities with Covenants and Classification of Liabilities as Current or Non-current (Amendments to IAS 1) (effective as of 1 January 2024)
§ Lease Liability in a Sale and Leaseback (Amendments to IAS 16) (effective as of 1 January 2024)
§ Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) (effective as of 1 January 2024); and
§ Lack of Exchangeability (Amendments to IAS 21) (effective as of 1 January 2025)
The Directors anticipate that the adoption of these standards will not have a material impact on the Group's financial statements in the period of initial adoption.
3. Investment in associate
| Total |
Grupo procesos | |
£ | |
Cost | |
Al 1 de julio de 2023 | 36,611,584 |
Additions - share of profits | 829,405 |
Dividendos recibidos | (6,161,302) |
Al 31 de diciembre de 2023 | 31,279,687 |
The Group's interest in its associate, SIS, a company incorporated in England and Wales, is held by Alternateport Limited ("Alternateport"). Alternateport holds an investment of 20.54% in the equity share capital of SIS and, whilst entitled to appoint a director and alternate director to the SIS board, currently maintains observer rights. Alternateport is a wholly-owned subsidiary of Catalyst Media Holdings Limited, a wholly-owned subsidiary of the Company.
The Board has reviewed its valuation of the Company's investment in SIS as at 31 December 2023 and has, in line with the Group's accounting policies, decreased the value of its investment by the amount of its share of profits for the period, less the value of the dividend received. As a result, the investment is now carried at a value of approximately £31.3m.
Share of profit of associate* | 30 Septiembre 2023 | 31 Diciembre 2023 | 31 Diciembre 2022 | 30 Junio 2023 | |
| Total del SIS | cuota de CMG | cuota de CMG | cuota de CMG | |
| 000 £ | 000 £ | 000 £ | 000 £ | |
Ingresos: | |||||
SIS Betting Services | 133,458 | 27,412 | 25,828 | 47,396 | |
Los ingresos totales | 133,458 |
| 27,412 | 25,828 | 47,396 |
Operating profit/(loss) from ongoing operations | 4,583 | 941 | 396 | 1,108 | |
Participación del grupo en la pérdida en asociada | - | - | - | (33) | |
Interés neto por cobrar / (por pagar) | 845 | 174 | 58 | 275 | |
Beneficio / (pérdida) antes de impuestos | 5,428 | 1,115 | 454 | 1,350 | |
Taxation | (1,390) | (286) | (86) | (347) | |
Share of income/(loss) after taxation | 4,038 | 829 | 368 | 1,003 | |
Utilidad neta del asociado | 4,038 | 829 | 368 | 1,003 | |
NIIF 9 provisión para pérdidas crediticias esperadas | - | - | - | (123) | |
Utilidad neta ajustada de asociada | 4,038 | 829 | 368 | 880 | |
Otro resultado integral | |||||
Ganancia / (pérdida) actuarial | - | - | - | (1,498) | |
Impuesto diferido | - |
| - | - | 524 |
Adquisición de una filial y pérdida por revaluación | - |
| - | - | 322 |
Total de otros resultados integrales | - |
| - | - | (652) |
Share of gross assets and liabilities of associate | |||||
Activos brutos | 123,591 | 25,386 | 26,972 | 26,774 | |
Pasivos brutos | (62,922) | (12,924) | (14,216) | (14,938) | |
Patrimonio neto | 60,669 | 12,462 | 12,756 | 11,836 |
* - The period covered by the associate's accounts is for the six months to 30 September 2023. The revenues have been stated excluding internal revenues.
4. Beneficio por acción
The calculation of the basic earnings per ordinary share of 10p each in the capital of the Company ("Share") is based upon the following:
meses a 6 31 de diciembre 2023 £ | meses a 6 31 de diciembre 2022 £ | 12 meses al 30 de junio 2023 £ | |
Básico y Diluido |
|
| |
Ganancias por acción - peniques | 3.64p | 1.45p | 12.43p |
Beneficio atribuible a los accionistas de capital | 766,600 | 304,096 | 1,963,223 |
Número medio ponderado de Acciones en circulación | 21,032,030 | 21,032,030 | 21,032,030 |
- TERMINA -
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.